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Biotech / Medical : Techniclone (TCLN)
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To: Jim Baker who wrote (2570)9/23/1998 7:50:00 PM
From: Alys Hall  Read Replies (2) of 3702
 
I am so relieved to see that all of you are still here. From the lack of response to the question I posed after reading the press release, I thought no one on this thread was interested.

All of the discussion at this point is valid and reasonable. We are being asked to let go of what experience has taught us with this company, and allow them to issue more stock in rather large quantities, for a relatively small sum of money. I refer only to the first draw-down. If we think back to one year ago, no one in their right mind, would have thought that we'd be a $1.375 a year later with what's the multiple for the numbers of outstanding compared to one year ago.

In addition, I feel that the Company has made a broad based decision by repricing those options for everyone. Some people may have deserved it, but the management team which lead us down the garden path did not and should not have participated. I think there is flawed decision making on this issue.

My only problem with voting "No" is that the Company needs the money, there are no other sources which will provide it with terms that are more favorable to the Company at this point in time. Therefore, although I would prefer a different scenario, I think I must go with a "yes". The only reservation is..how much am I going to hate myself tomorrow for doing this?
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